Tax Laws Amendment (Fairer Taxation of Excess Concessional Contributions) Act 2013 (118 of 2013)
Schedule 1 Fairer taxation of excess concessional contributions
Part 4 Repeal of excess concessional contributions tax
Income Tax Assessment Act 1997
63 Section 292-405
Repeal the section, substitute:
292-405 Release authority
(1) As soon as practicable after making an *excess non-concessional contributions tax assessment for a person, the Commissioner must give the person a release authority in respect of the amount of *excess non-concessional contributions tax the person is liable to pay in accordance with the assessment.
(2) A release authority must:
(a) state the amount of *excess non-concessional contributions tax that the person is liable to pay as a result of the assessment; and
(b) be dated; and
(c) contain any other information that the Commissioner considers relevant.